$LRCX
LAM RESEARCH CORP

2014 Q4 Form 10-Q Financial Statement

#000119312515031451 Filed on February 03, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $1.232B $1.116B
YoY Change 10.41% 29.64%
Cost Of Revenue $695.6M $628.3M
YoY Change 10.71% 15.18%
Gross Profit $536.7M $487.8M
YoY Change 10.02% 54.65%
Gross Profit Margin 43.55% 43.71%
Selling, General & Admin $151.1M $148.8M
YoY Change 1.55% 2.35%
% of Gross Profit 28.16% 30.51%
Research & Development $196.8M $174.5M
YoY Change 12.78% 5.14%
% of Gross Profit 36.67% 35.77%
Depreciation & Amortization $69.50M $73.60M
YoY Change -5.57% -6.12%
% of Gross Profit 12.95% 15.09%
Operating Expenses $347.9M $323.3M
YoY Change 7.61% 3.84%
Operating Profit $188.7M $164.5M
YoY Change 14.75% 3969.12%
Interest Expense $15.80M $15.30M
YoY Change 3.27% 2.15%
% of Operating Profit 8.37% 9.3%
Other Income/Expense, Net -$9.799M -$3.837M
YoY Change 155.38% -71.34%
Pretax Income $178.9M $160.6M
YoY Change 11.4% -1818.41%
Income Tax $2.002M $11.65M
% Of Pretax Income 1.12% 7.25%
Net Earnings $176.9M $149.0M
YoY Change 18.76% 2225.09%
Net Earnings / Revenue 14.36% 13.35%
Basic Earnings Per Share $1.11 $0.92
Diluted Earnings Per Share $1.00 $0.87
COMMON SHARES
Basic Shares Outstanding 159.2M shares 162.3M shares
Diluted Shares Outstanding 177.0M shares 171.8M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.884B $2.522B
YoY Change 14.35% 0.04%
Cash & Equivalents $981.3M $1.133B
Short-Term Investments $1.902B $1.390B
Other Short-Term Assets $174.0M $156.0M
YoY Change 11.54% -23.9%
Inventory $913.4M $661.6M
Prepaid Expenses
Receivables $944.0M $909.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.915B $4.249B
YoY Change 15.67% 10.47%
LONG-TERM ASSETS
Property, Plant & Equipment $585.4M $546.2M
YoY Change 7.17% -7.51%
Goodwill $1.467B $1.457B
YoY Change 0.66% 0.16%
Intangibles $815.1M $995.7M
YoY Change -18.15% -13.66%
Long-Term Investments
YoY Change
Other Assets $173.0M $141.1M
YoY Change 22.63% -6.85%
Total Long-Term Assets $3.196B $3.307B
YoY Change -3.35% -5.97%
TOTAL ASSETS
Total Short-Term Assets $4.915B $4.249B
Total Long-Term Assets $3.196B $3.307B
Total Assets $8.111B $7.556B
YoY Change 7.34% 2.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $296.4M $252.6M
YoY Change 17.36% 61.67%
Accrued Expenses $637.5M $529.1M
YoY Change 20.48% 6.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $520.0M $514.8M
YoY Change 1.01% 51380.0%
Total Short-Term Liabilities $1.709B $1.523B
YoY Change 12.22% 84.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.012B $791.9M
YoY Change 27.79% -37.87%
Other Long-Term Liabilities $183.7M $129.7M
YoY Change 41.61% -55.93%
Total Long-Term Liabilities $183.7M $921.6M
YoY Change -80.07% -41.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.709B $1.523B
Total Long-Term Liabilities $183.7M $921.6M
Total Liabilities $2.929B $2.705B
YoY Change 8.29% 1.42%
SHAREHOLDERS EQUITY
Retained Earnings $3.836B $3.207B
YoY Change 19.6% 11.83%
Common Stock $159.0K $162.0K
YoY Change -1.85% -2.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.119B $3.679B
YoY Change 11.95% 10.24%
Treasury Stock Shares 97.55M shares 91.76M shares
Shareholders Equity $5.000B $4.666B
YoY Change
Total Liabilities & Shareholders Equity $8.111B $7.556B
YoY Change 7.34% 2.62%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $176.9M $149.0M
YoY Change 18.76% 2225.09%
Depreciation, Depletion And Amortization $69.50M $73.60M
YoY Change -5.57% -6.12%
Cash From Operating Activities $161.2M $129.0M
YoY Change 24.96% -33.23%
INVESTING ACTIVITIES
Capital Expenditures -$61.30M -$38.30M
YoY Change 60.05% -1.54%
Acquisitions
YoY Change
Other Investing Activities -$317.5M -$75.50M
YoY Change 320.53% 141.21%
Cash From Investing Activities -$378.9M -$113.8M
YoY Change 232.95% 62.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.80M -40.30M
YoY Change 125.31% -88.44%
NET CHANGE
Cash From Operating Activities 161.2M 129.0M
Cash From Investing Activities -378.9M -113.8M
Cash From Financing Activities -90.80M -40.30M
Net Change In Cash -308.5M -25.10M
YoY Change 1129.08% -88.87%
FREE CASH FLOW
Cash From Operating Activities $161.2M $129.0M
Capital Expenditures -$61.30M -$38.30M
Free Cash Flow $222.5M $167.3M
YoY Change 32.99% -27.92%

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2622000
CY2014Q4 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
400000
CY2014Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
23988000
CY2014Q4 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2014Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-113000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
160637000
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3837000
CY2013Q4 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
4994000
CY2013Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
4328000
CY2013Q4 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
200000
CY2014Q4 lrcx Gain Or Loss On Assets Related To Deferred Compensation Plan
GainOrLossOnAssetsRelatedToDeferredCompensationPlan
2593000
CY2014Q4 lrcx Other Non Operating Income Expense Other Net
OtherNonOperatingIncomeExpenseOtherNet
-489000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2013Q4 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
6605000 shares
CY2013Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2847000 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171757000 shares
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162305000 shares
CY2013Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
6284000
CY2013Q4 us-gaap Gross Profit
GrossProfit
487789000
CY2013Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7834000
CY2013Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3744000
CY2013Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
963000
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1116061000
CY2013Q4 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
52000
CY2013Q4 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
168000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
164474000
CY2013Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
125000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
156826000
CY2013Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
25546000
CY2013Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
71000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
148992000
CY2013Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
2828000
CY2013Q4 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
3437000
CY2013Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
386000
CY2013Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1311000
CY2013Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23046000
CY2013Q4 us-gaap Interest Expense
InterestExpense
15297000
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
323315000
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
174477000
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
148838000
CY2013Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
628272000
CY2013Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
40900000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11645000
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
3017000
CY2013Q4 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
500000
CY2013Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
18967000
CY2013Q4 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
0
CY2013Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
218000
CY2013Q4 lrcx Gain Or Loss On Assets Related To Deferred Compensation Plan
GainOrLossOnAssetsRelatedToDeferredCompensationPlan
5360000
CY2013Q4 lrcx Other Non Operating Income Expense Other Net
OtherNonOperatingIncomeExpenseOtherNet
3147000

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